Mid-day Update… Stuck?

Break lower can end today, or not for awhile.

The prior week’s multi-session range that was providing support at 2495.50 is now providing resistance at 2492.50. And chipping away at 2495.50 did reveal the “air pocket” below it as was suspected. Its break was likely to produce a test of 2485.00-2486.00, which is where the air pocket bottomed. The next lower objective is essentially 2460.00, but the catalyst being a headline could avoid that — if recovered today.

Recovering today would have plenty of upside. This morning’s bias parameter had put into play an offsetting test of its 2503.00 bias-up signal. And it wasn’t rejected. The 2496.00 bias-down signal wasn’t broken until after 10:30. Its 2489.75 bias-down target was still being overlapped as the bias environment was lapsing. Bias intact, so 2503.00 has become “unfinished business above.”

I’d much prefer the confidence of clearly holding 2489.75 as support, or breaking it. Fresh session lows are possible, regardless of an attraction above to 2503.00. exiting the noon hour back above 2492.50 would have suggested a detour has been avoided. Triggering bias-down would have said otherwise. Neither setup formed.